Bartering for Business
What is Bartering?
Bartering is the trading of one product or service for another – usually there is no exchange of cash. Barter may take place on an informal one-on-one basis between individuals and businesses, or it can take place on a third party basis through a modern barter exchange company.
The article offers 7 tips on how your business can barter:
- Don’t bring cash.
- Look for the soft spot.
- Be stoic.
- Leave some mystery.
- Craigslist rules.
- Know your item’s value.
- Watch out for scams.
Check out the full article: The Barter Kings’ Guide to Building a Business Without Cash
Don’t get in trouble with the IRS!
Income from bartering is taxable in the year it is performed. The rules for reporting barter transactions may vary depending on which form of bartering takes place. Refer to Tax Responsibilities of Bartering Participants for more information about reporting income and staying in compliance.
Business Bartering Sites Exist:
I’ve never used these but sites like ITEX Corporation and Barter Business Unlimited claim to have helped tens of thousands of businesses generate new sales, conserve precious cash flow and increase profits.